Playing real estate roulette comes with high stakes, as buying a house is one of the most significant investments you’ll make in your lifetime. It’s not just a financial commitment either, but an emotional one.
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However, despite your research and scouring of Zillow, you could end up with a property that doesn’t meet your expectations or you worry will go up in smoke with a spark from one bad electrical outlet. Recognizing the signs that you’ve purchased the wrong house is the first step toward rectifying the situation. Here’s what you need to know.
There Are Persistent, Pesky Problems
Sometimes, the house itself might be the problem. This could be due to undisclosed issues like poor construction, mold, or foundational abnormalities. These problems can be costly to fix and make living in the house unpleasant or even unsafe.
Whether you have big issues with the foundation or hazardous ones like termites or mold, they will eat away at your budget, home value and your sanity. To address problems like these, it’s best to hire experts or specialists to handle them before they become catastrophic.
Keep in mind that if the seller failed to disclose known issues, you should consult with a lawyer to explore your legal options. However, depending on the severity, it might make the most sense to sell the house as-is and look for a new one.
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Uh-Oh, You Have Immediate Regret
One of the first signs you might have made a mistake is feeling immediate regret after the purchase. This isn’t normal buyer’s remorse that can accompany any purchase, but a deep, persistent sense of having made a bad decision. If you constantly question your choice or feel unhappy every time you think about your new home, it might be a sign that you’ve bought the wrong house.
Before you start breathing into a paper bag, reflect on whether your regret is due to the house itself or external factors like moving anxiety. This can be difficult to differentiate, but sometimes the regret fades as you start making the house your home. However, if the feeling persists, remember that you have options. Think about renting it out, selling, or finding ways to make it suit your needs better.
You’ve Tried It on but It’s Not the Right Fit
A house that doesn’t accommodate your lifestyle can become a source of constant frustration. This could mean anything from the size of the house being too small for your growing family, the neighborhood not aligning with your lifestyle, or the commute to work being too long and stressful.
Before you throw the whole house out with the bathwater, look into remodeling or extensions to make the space work for you. Sometimes even getting to know your neighborhood and being more involved in your community can make the area feel more like home. If the mismatch is too great, though, selling and finding a property that better suits your needs might be the best option.
The Financial Strain Is Too Much
Underestimating the costs associated with homeownership can lead to significant financial strain. This includes not just your mortgage but also property taxes, insurance, maintenance and unexpected repairs. If you find yourself struggling to keep up with these expenses, it might indicate that you’ve bought more house than you can afford.
If you are having trouble paying or falling behind on your monthly mortgage or just bills in general, this may be a sign you’ve purchased the wrong house — but it may also be a sign that you simply need to rework your budget. Reassess your finances and look for ways to cut costs. You could also look into refinancing your mortgage when interest rates have dropped to lower your monthly payments.
A final option to address this issue is to consider renting out a room or a portion of your property to help cover expenses.
The bottom line is that realizing you’ve bought the wrong house can be a distressing experience, but it’s not the end of the world or even your homeownership. You can find a solution by acknowledging the signs and taking proactive steps.
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This article originally appeared on GOBankingRates.com: 4 Key Signs You Bought the Wrong House — And What To Do About It
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